Investors squeeze out first home buyers

Investors are pushing prices for houses once regarded as the first step to home ownership to new heights in the Hutt and Porirua suburbs such as Cannons Creek and Porirua East.

Double Real Estate director Blair Double said the biggest increase in prices for residential property during the past year was in traditionally cheap suburbs such as Porirua East and Titahi Bay.

"They were always historically cheap and now they have done a big catch-up," he said. "Titahi Bay has seen tremendous growth. What sold for $80,000 four years ago is now $160,000."

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